Islamic Development Bank’s Funding Portfolio in Egypt hit $12.5 billion

The Islamic Development Bank’s total funding portfolio for Egypt has reached US$12.5 billion, including US$3.1 billion in 2014, director country department Mohammad Al-Saati said Sunday.

The IDB official has referred that his bank had signed financing agreements for vital and highly-important projects in Egypt, including US$450 million for South Helwan power station, US$460 million for Sharm El-Sheikh Airport, and US$220 million for Egyptian-Saudi electricity grid linkage project.

Towards bolstering its partnership with Egypt, IDB will sign within the third quarter of this year a new agreement to launch a representative office in the North African country, Al-Saati noted.

The Islamic Development Bank is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in December 1973.

IDB’s present membership consists of 76 countries from Africa, Asia, Europe, and South America, the banking official added.